major progress
meeting
US House of Representatives
federal agency
Federal Reserve Board
Federal Deposit Insurance Corporation
National Credit Union Administration
currency regulator
Government Agency Finalizes Policy Statement on Commercial Real Estate Loan Incentives and Workouts
June 29, 2023
Federal financial institutions regulators today jointly released a final policy statement on commercial real estate loan easing and workouts.
Federal Reserve Board
Federal Reserve Names Organizations Certified as FedNow® Service Ready
June 29, 2023
The Fed announced that 57 early adopter organizations, including financial institutions and service providers, have completed formal testing and certification ahead of the scheduled launch of the FedNow service in late July.
Paper: Interconnected DeFi: The Ripple Effect of Terra Collapse
June 29, 2023
The US Federal Reserve has released a research report titled “Interconnected DeFi: Ripple Effects from the Terra Collapse.”
OIG Report: Scoping Results of the Board and Reserve Bank Cybersecurity Incident Response Process Assessment for Supervisors
June 29, 2023
The Federal Reserve Board Oversight General has released a report titled “Results of the Scoping Assessment of the Board’s and Reserve Bank’s Cybersecurity Incident Response Processes for Supervisory Agencies.”
Speech: Financial Stability and Economic Development
June 29, 2023
US Federal Reserve Chairman Jerome H. Powell delivered a speech titled “Financial Stability and Economic Development” at the 4th Annual Financial Stability Conference in Banco de Espana.
Commodity Futures Trading Commission
CFTC Executive Creates Two New Task Forces
June 29, 2023
The Commodity Futures Trading Commission’s executive branch announced the formation of two new task forces. The Cybersecurity and Emerging Technologies Task Force addresses cybersecurity issues and other concerns related to emerging technologies (including artificial intelligence). The Environmental Fraud Task Force combats environmental fraud and misconduct in derivatives and related spot markets.
CFTC Staff Issues No-Action Letter Regarding Certain Reporting Obligations for Swaps Transitioning from USD LIBOR and Other Rates to Risk-Free Rates
June 29, 2023
The Commodity Futures Trading Commission’s Market Surveillance and Data Divisions have issued staff nominations regarding specific swap reporting obligations in Part 43 and Part 45 for swaps transitioning from USD LIBOR rest-term references to ISDA LIBOR fallback provisions. Issued an action letter. USD LIBOR ICE Swap Rates and Moscow Prime Offer Rates refer to risk-free rates after the suspension or non-representation of impact rates on 30 June 2023.
Consumer Financial Protection Bureau
CFPB’s 2022 Fair Lending Annual Report to Congress
June 29, 2023
The Consumer Financial Protection Bureau has released its Fair Financing Annual Report to Congress.
Financial Crime Network
Financial Action Task Force Identifying Jurisdictions on Anti-Money Laundering and Combating Terrorist Financing and Non-Proliferation Deficiencies
June 29, 2023
The Financial Crimes Enforcement Network (FinCEN) has told U.S. financial institutions that the Financial Action Task Force (FATF) is an intergovernmental body that establishes international standards for combating money laundering, combating the financing of terrorism, and combating the financing of arms proliferation. I am notifying you. Weapons of Mass Destruction (AML/CFT/CPF) issued an official statement at the end of this month’s plenary session, urging all jurisdictions to be alert to current and emerging risks from evasion of measures taken against the Russian Federation. I reiterated that I should. international financial system. The FATF also updated its list of jurisdictions with strategic AML/CFT/CPF deficiencies.
Federal Financial Institutions Examination Council
FFIEC Announces 2022 Data Availability on Mortgage Lending
June 29, 2023
The Federal Financial Institutions Examination Council released data on 2022 mortgage lending transactions reported under the Home Loan Disclosure Act (HMDA) from 4,460 U.S. financial institutions, including banks, savings associations, credit unions, and mortgage companies. announced the availability of
Federal Housing Finance Agency
FHFA Expands Aggregated Statistics for Uniform Assessment Dataset (UAD) with New Metrics and New Quarterly Data
June 29, 2023
The Federal Housing Finance Agency has released first quarter 2023 data for the Unified Assessment Data Set (UAD) aggregate statistics.
Banking Policy Institute
What regulators should consider when rethinking post-SVB liquidity rules
June 29, 2023
The Bank Policy Institute has published a blog post titled “What regulators should consider as they rethink liquidity rules after SVB.”
BPI Statement on 2023 Federal Reserve Stress Test Results
June 28, 2023
Francisco Covas, executive vice president and head of research at the Banking Policy Institute, issued a response to the Federal Reserve’s release of the 2023 stress test results.
International
European Commission
European Commission welcomes interim political agreement on EU Digital ID Wallet, Europe’s first trusted and secure digital identity app
June 29, 2023
The European Commission welcomes the interim political agreement between the European Parliament and the EU Council on key elements of the proposed legal framework for European digital identities.
bank of england
Statistics: Money and Credit – May 2023
June 29, 2023
The Bank of England has released its money and credit statistics for May 2023, along with the effective interest rate.
Speech: Monetary Policy in the Face of a Big Shock
June 29, 2023
Silvana Tenreiro, member of the Bank of England’s Monetary Policy Committee, gave a speech entitled “Monetary Policy in the Face of a Big Shock”.
Speech: Global Action to Strengthen Cross-Border Payments
June 29, 2023
Bank of England Executive Director Victoria Cleland speaks at the Global Payments Summit in Cape Town on ‘Global Action to Strengthen Cross-Border Payments’.
Bank of England Prudential Regulator
The PRA will discuss key elements of the new Solvency UK Framework, including measures to simplify the framework, improve flexibility and support growth and competitiveness.
June 29, 2023
The Prudential Regulator has released a consultative paper titled ‘Solvency II Review: Adapting to the UK insurance market’.
UK Financial Conduct Authority
FCA expands access to long-term wealth funds for individuals and pensions
June 29, 2023
The Financial Conduct Authority has issued new rules to give individual investors and defined contribution plans access to long-term wealth funds.
FCA outlines concerns about sustainability-related loan market
June 29, 2023
The Financial Conduct Authority has released a review of the sustainability-related loan market.
Speech: How innovation and regulation in financial services can drive UK economic growth
June 29, 2023
Financial Conduct Authority Executive Director Sheldon Mills will speak at the CityUK Annual Conference 2023 entitled ‘How innovation and regulation in financial services can drive economic growth in the UK’.
change of management
vacancy
Federal Reserve Board
- Vice-Chair – Vacant (Vice-Chair Lille Brainerd will resign on or around 20 February 2023)
currency regulator
- Comptroller – Vacant (Michael Hsu acting as Acting Comptroller)
Financial Crime Network
- Director – Vacant (Himmamauri Das Acting as Director)
Reservation/confirmation hearing
U.S. Department of the Treasury – Janet Yellen (Effective January 26, 2021)
Federal Reserve – Jerome H. Powell (Effective May 23, 2022)
Federal Reserve Bank of New York – John C. Williams (Effective June 18, 2018)
Federal Reserve Bank of Boston – Susan M. Collins (Effective July 1, 2022)
Federal Deposit Insurance Corporation – Martin Gruenberg (Effective January 5, 2023)
Monetary Authority – Michael Hsu (Accounting Audit Deputy, effective May 10, 2021)
Securities and Exchange Commission – Gary Gensler (Effective April 17, 2021)
Commodity Futures Trading Commission – Rostin Behnham (Effective December 17, 2021)
Consumer Financial Protection Bureau – Rohit Chopra (Effective October 12, 2021)
National Credit Union Administration – Todd M. Harper (Effective January 20, 2021)
Small Business Administration – Isabella Casillas Guzman (Effective March 16, 2021)
U.S. Department of Housing and Urban Development – Marcia Fudge (Effective March 10, 2021)
Federal Housing Finance Agency – Sandra L. Thompson (Effective June 22, 2022)
U.S. Department of Education – Dr. Miguel Cardona (Effective March 2, 2021)
PH Client Alert
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Legal/legal updates
click here To view the full text of the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), visit Effective March 27, 2020.
click here To view the full text of the Paycheck Protection Program Increase Act of 2020, Effective April 24, 2020.
click here To view the full text of the Paycheck Protection Program Flexibility Act of 2020, Effective June 5, 2020.
click here To see the full text of Consolidated Appropriations Act 2021, Effective December 27, 2020.
click here To view the full text of the 2021 Rescue Plan for America, Effective March 11, 2021.
click here To view the full text of the 2021 PPP Extension Act, Effective March 30, 2021.
Click here to view the latest list of proposed bills He has received awards from the Senate Committee on Banking, Housing, and Urban Affairs, the Senate Committee on Small Business and Entrepreneurship, the House Committee on Financial Services, and the House Committee on Small Business.
